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Empire State Building is the Latest Top-Tier Building to Add Deluxe Amenities

The iconic Empire State Building is the latest top-tier real estate space to announce a luxurious new tenant-only amenities package. The New York City skyscraper dubbed the “World’s Most Famous Building” will add a basketball court, town hall meeting space, and a reservable lounge with two golf simulators, among other deluxe amenities, to attract more office tenants.

The list of amenities offered is impressive, including a 15,000-square-foot fitness center and 7 in-building dining options, including State Grill and Bar and a new 23,000-square-foot Starbucks. The Empire State Building has an office vacancy rate of 5.9 percent, which is less than half of the 12.2 percent average vacancy rate in New York City, according to CoStar data. Current Empire State tenants include stock photography company Shutterstock, beauty company Coty, and career website LinkedIn.

The flight to quality in the office market is speeding up, and top-tier assets like the Empire State Building know more high-quality amenities will help. Effective rents for top-tier office buildings (primarily Class A+ and A) increased by 3.8 percent in 2021 and by 6.7 percent through the second quarter of this year, according to a new CBRE analysis. Meanwhile, effective rents for lower-tier buildings (primarily Class B and C) fell 3.4 percent in 2021 and by 1.1 percent so far this year. The office market is struggling to gain its footing, but exceptional Class A buildings have been faring well. And new, exciting amenities packages sure can’t hurt.

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